Novelis Announced Huge Drop in Q4 FY23 Net Income

SEATTLE (Scrap Monster): Novelis, Inc. reported results for the fourth quarter and full fiscal year 2023.

The company’s net income attributable to common shareholders recorded sharp decline by 27% year-on-year to $156 million during Q4. The net income from continuing operations excluding special items too were down by 7% at $175 million. The adjusted EBITDA totalled $403 million, down by 6% over the corresponding quarter a year before. The net sales declined by 9% to $4.4 billion during the quarter. Also, the shipments were down 5% year-on-year to 936 kilotonnes.

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For the full fiscal year 2023, the net income attributable to common shareholders was down significantly by 31% to $658 million. The net income from continuing operations excluding special items was $781 million, down by 16% year-on-year. The adjusted EBITDA recorded decline by 11% over the previous year to $1.8 billion. The shipments too were marginally down by 2% to 3,790 kilotonnes during the year.

Steve Fisher, President and CEO, Novelis Inc. noted that diversified product mix, operational efficiencies and financial discipline helped the company deliver solid performance in a challenging environment. The long-term market outlook for the business remains robust, though near-term performance may be muted by macroeconomic challenges, he added.